Hong Kong Releases CRS Legislation to Align Tax Code With CRS

Hong Kong's Inland Revenue Department released Amendment No. 5 Bill 2017 (Amendment Bill), which paves the way for Hong Kong's participation in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MCMAA), to align the Inland Revenue Ordnance (IRO) with the CRS promulgated by the OECD. Key aspects of the Amendment Bill include language aimed at increasing international exchange of information and clarifying definitions of key terms to align with definitions used by CRS. To read the press release for the Amendment Bill, please follow this link.